Low Doc
Low doc refers to low or little documentation home loan which is suitable for the growing number of self employed or contract workers. Contractors and self-employed simply don’t have the financial structure and income partners as PAYG borrowers.
Compared to full doc home loans, this type of loan will generally carry a higher interest rate, mortgage insurance and available at Lower Loan Valuation Ratios (LVRs) to cover the risk of borrowing including a higher deposit, higher interest as well as possible compulsory mortgage insurance.
The market for low doc loans has changed since the Global Financial Crisis and has become a specialist area, it is now important to see the right advice from experienced lending managers who can provide you with the right solution.
